Papa John’s continuing efforts to overhaul its company’s reputation after its disgraced founder and former face, John Schnatter, dragged it through a latrine have once again been complicated by the stubborn Papa himself. Over the weekend, Schnatter, who blamed NFL player protests for bad pizza sales and then said the n-word on a company conference call, launched a last-ditch effort to gain control of a significant stake in the company when he attempted to outbid an international investment firm, with whom the Papa John’s board had all but finalized an agreement, the Courrier-Journal reported yesterday. The newspaper wrote that after the investment company, Starboard, and Papa John’s neared an agreement on Friday for a $200 million stake of the pizza company, Schnatter leapt into action: In a rundown of events, Schnatter says in a disclosure to the federal Securities and Exchange Commission that on Saturday, after learning about the proposed Starboard transaction, he sent a nonbinding offer to invest up to $250 million with an additional $10 million to spend on franchisees. Schnatter’s bid included a lower dividend rate to reduce costs to the company and limit the voting rights provided to those who buy the newly issued shares. He… Read full this story
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